Confident sellers help new zealand house prices soar

New Zealand property prices hit new record, according to Realestate.co.nz. The site's latest report shows that the seasonally-adjusted mean listing price climbed to 483,099 in February 2014, with 11 regions across the country recording an increase in asking prices.

The rise has been driven by improving seller confidence in the market, with record high asking prices seen in Auckland ($667,370 – up 12% Year on Year), Wairarapa ($329,396 – up 24% year on year) and the West Coast ($320,245 – up 8% year on year).

Buyers are on the up too, though, with Realestate.co.nz receiving a record 1.7 million visits to the site in February 2014. The number of new listings, though, may not keep up with the potential increase in buyer demand, as just 12,167 new homes came onto the market last month, down 7 per cent year-on-year.